07 June 2004 07:36
Interfax Rating Agency to benefit from deal with MoodyTs
MOSCOW. June 7 (Interfax) - Moody's Investors Service's decision to purchase a controlling interest in the
Interfax Rating Agency will help the Interfax agency compete more successfully on the market, Interfax Group Chairman
Mikhail Komissar told a news conference on Monday.
The ratings agency is the Interfax Group's only business whose strategic goal was to sell its controlling
interest to a global market leader such as Moody's.
Moody's Investors Service signed a strategic agreement with the
Interfax Rating Agency in October 2001. In November 2003, Moody's
"Worldwide recognition and trust are crucial for the ratings business. And although our Interfax Rating Agency
colleagues have shown that they can successfully compete with such leaders in this business as Standard &
Poor's and Fitch, it is important for customers to know that a rating that has been assigned to them has the
Moody's trademark," Komissar said.
"The strategic task we set five years ago when we started our cooperation with Moody's has been
successfully accomplished," he said.
The Interfax Group plans to keep a controlling interest in its other 25 companies, Komissar said.
Investors Service purchased an approximately 20% stake in the Interfax Rating Agency.
The initial stage of cooperation envisioned Moody's technical support for the Interfax Rating Agency, joint
research of production and development options, as well as raising Russia's awareness of credit risks and analysis
through joint conferences and workshops.
An agreement was also signed on Monday to rename the Interfax Rating Agency the Moody's Interfax Rating Agency.
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